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LONDON–(BUSINESS WIRE)–Standard & Poor’s–Feb. 12, 2003–Standard & Poor’s Ratings Services said today it raised its long-term counterparty credit rating on Sweden-based Skandia Insurance Co. Ltd. (Skandia) to ‘A’ from ‘BBB’. At the same time, Standard & Poor’s removed the rating from CreditWatch, where it was originally placed on July 30, 2002. The outlook is negative.… Continue reading S&P Raises Skandia Ins. Rtg to A; Off Watch; Otlk Neg

PARIS–(BUSINESS WIRE)–Standard & Poor’s–Feb. 12, 2003–Standard & Poor’s Ratings Services said today that it had lowered all insurer financial strength and counterparty credit ratings on the core operating companies of Paris-based global insurance and asset management group AXA to ‘AA-‘ from ‘AA’ reflecting an expected reduction in the group’s 2002 operating earnings growth, as well… Continue reading S&P Cuts AXA Group Entities to ‘AA-‘; Outlook Stable

MELBOURNE, Australia–(BUSINESS WIRE)–Standard & Poor’s–Feb. 12, 2003–Standard & Poor’s Ratings Services said today that it has removed from CreditWatch and affirmed the ratings on AMP Life Ltd. at ‘AA-‘ The outlook is negative. At the same time, Standard & Poor’s has removed from CreditWatch and lowered its ratings on the AMP U.K. operating companies, group… Continue reading S&P: AMP Off Watch; Life Affirmed; Rtgs on Subs Lwrd

NEW YORK–(BUSINESS WIRE)–Standard & Poor’s–Feb. 12, 2003–Standard & Poor’s Ratings Services said today that it lowered its long-term counterparty credit and financial strength ratings on Continental Assurance Co. (CAC) and Valley Forge Life Insurance Co. (VFL), which are CNA Financial Corp.’s (CNA) life operations, to ‘A’ from ‘A+’, primarily because Standard & Poor’s wanted to… Continue reading S&P Lowers CNA’s Life and Surety Companies Ratings; Property/Casualty Ratings Affirmed

term debt ratings of PMA Capital Corporation (PMACC – senior at Baa3) and the A3 insurance financial strength rating of PMA Capital Insurance Company (which operates under the “PMA Re” brand name) on review for possible downgrade. The Baa1 insurance financial strength ratings of the members of PMA Insurance Group were affirmed, with the outlooks… Continue reading Moody’s Reviews Ratings Of PMA Capital And PMA RE For Possible Downgrade

OLDWICK, N.J.–(BUSINESS WIRE)–Feb. 10, 2003–A.M. Best Co. has placed the debt ratings of UnumProvident Corp. (Chattanooga, Tenn.) under review with negative implications, as well as its insurance subsidiaries’ financial strength ratings. (See listing below.) This action is in response to UnumProvident’s recent announcement that the plans to bolster its statutory capital position within certain of… Continue reading A.M. Best Places UnumProvident’s Ratings Under Review

Michael Ha National Underwriter Erlanger It was a wild January for Torontobased Fairfax Financial Holdings, whose shares on the Toronto Stock Exchange took a roller-coaster ride last month when U.S. brokerage finn Morgan Keegan Inc. predicted that the insurance giant could lack $5 billion in reserves to cover future claims. “In recent years, the company’s… Continue reading Reserve concerns impact Faifax shares

New York, Feb. 10 – Moody’s Investors Service announced today that it has placed the long OLDWICK, N.J.–(BUSINESS WIRE)–Feb. 6, 2003–A.M. Best Co. has affirmed the financial strength rating of A++ (Superior) of Legal & General Assurance Society Limited, a U.K. subsidiary of the Legal & General Group plc (both referred to as L&G), and… Continue reading A.M. Best Affirms Rating of Legal & General Assurance Society; Lowers Debt Ratings

CHICAGO–(BUSINESS WIRE)–Feb. 3, 2003–Fitch Ratings has placed the ‘AAA’ senior debt rating and other long term fixed income security ratings of American International Group, Inc. (AIG) on Rating Watch Negative, following AIG’s announcement of after-tax reserve charges of $1.8 billion in its U.S. commercial property/casualty operations. The company’s short-term and commercial paper ratings are affirmed… Continue reading Fitch Places AIG’s Sr Debt on RW-Neg; Affirms S-T Rtg and Financial Strength Rtgs

OLDWICK, N.J.–(BUSINESS WIRE)–Feb. 3, 2003–A.M. Best Co. has downgraded the financial strength ratings to C (Weak) of Trenwick Group Ltd.’s (NYSE: TWK) (Bermuda) ongoing operating subsidiaries and has withdrawn the financial strength ratings of Trenwick’s operating companies–which are now in runoff–and assigned each a NR-3 rating (Rating Procedure Inapplicable). Prior to the withdrawal of these… Continue reading A.M. Best Downgrades Various Financial Strength and Debt Ratings of Trenwick Group